The David Lin Report · Tuesday, June 30, 2026
Sam Burns, Chief Market Strategist at Mil Street Research, notes that the S&P 500's performance is largely attributed to AI-related companies. If this tech sector and related industries are excluded, the market has been flat on the year, suggesting a concentration of growth within a specific segment of the market.
“I was reading the other day that most of the S&P 500's gains were from AI related companies. And if you take out that sector and related companies, actually it's flat on the year.”
“And so, if these things stop growing, then logically speaking, the rest of the economy stops growing.”
“Yeah, I've seen stats like that that that there's definitely been uh the big driver of equities has been the sort of tech and and adjacent sectors um that are sort of somehow tied to AI which could include industrials, there's a few utilities, there's a few, you know, all different kinds of companies that are kind of part of that whole ecosystem.”